More companies than ever are taking advantage of equipment leasing. New business volume of firms leasing equipment has grown in November year-over-year by 5 percent, according to the most recent index from the Equipment Leasing and Finance Association (ELFA).
“The numbers are especially good considering the fact there were fewer working days in November 2013 than 2012,” Christopher Enbom, CEO of Allegiant Partners Incorporated, said. “We are expecting a strong 2014 in the small company segment we serve. The budget deal is increasing stability and has boosted our forecast for next year.”
This news comes in the face of ELFA’s monthly confidence report, which shows a slight decline in industry confidence since November. According to that report, 24.2 percent of respondents to the survey believe that the U.S. economy will get “better,” and 66.7 percent believe the economy will “stay the same.”
Many analysts credit the budget crisis in Washington as scaring the market this year, although confidence may improve in 2014. The fact of the matter is that the number of leases being approved is on the rise. That is to say, the number of companies getting what they need to do business or expand has increased this year. According to ELFA, lenders approved 76.5 percent of applicants in November. ELFA president, William G. Sutton, attributes some of the improvements to dissipating fiscal pressures, along with the budget agreement in Washington.
Findings like these indicate that the American economy is in recovery mode. Companies are beginning to take advantage of low interest rates to expand and grow their businesses. Small businesses especially can benefit from an equipment leasing company that will help them procure the equipment they need for operations. National Funding offers leasing opportunities for companies that want to expand now and would benefit from having more machinery like trucks, medical and dental equipment or computers.